One in seven high net worth individuals have no will, trust or expression of wishes in place for passing on their wealth, a new report warns.

Just three in five (59%) of more than 1,000 HNW individuals surveyed by Charles Stanley have a will in place.

Men (64%) are more likely to have a will in place than women (57%) and one third (29%) have set up a trust. A quarter (24%) have a Lasting Power of Attorney in place and 18% have a letter of wishes in place.

Despite less than two thirds having a will in place, the majority (81%) of HNW individuals have spoken to a financial adviser as part of their wealth planning. The majority have spoken to an adviser themselves (58%), with a quarter (25%) having done so with a partner alongside.

Mia Kahrimanovic, Financial Planner at Charles Stanley, said advisers needed to have tough conversations with their clients who may struggle to consider their own mortality.

She said: “Inheriting wealth can provide security and valuable opportunity for the recipient, which is why it’s important that HNW individuals take time to consider their plans and think about where they’d like their wealth to go. Circumstances can change in a heartbeat, so it’s surprising to see that one-in-five (19%) have not spoken to a financial adviser, and others do not have crucial planning tools, such as a will, in place.”

The study also revealed that women put their children first when thinking about wealth planning, whereas men are more likely to prioritise their spouses.

Almost half (45%) of high net worth women consider their child first then succession planning, in comparison to a third of men. Men were more likely to consider their spouse first for passing on their wealth (37%) in the event of their death, in comparison to just 17% of women.

• Censuswide surveyed 1,001 high net worth individuals with over £100,000 in personal income or investable assets on behalf of Charles Stanley in August 2024.